August 25, 2022
Blog Admin
TVS Motor Company acquires stake in Pre-owned 2W startup ‘DriveX’
TVS Motor Company on Wednesday announced it will acquire 48.27 percent stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary investments for a consideration of Rs 85 crore.
Last accounting year, the platform had reported a turnover of around Rs 9 crore.The acquisition is expected to be completed by November 30, 2022.
Founded by Formula 1 driver Karthikeyan, DriveX is into leasing of two-wheeler motorcycles and scooters and selling, trading, and distributing pre-owned two-wheeler motorcycles and scooters.
DriveX Founder and CEO Karthikeyan said DriveX is a digital first business, serving all brands with analytics-led capabilities across the value chains.
“We have also been successful at launching new business models, including the subscription model in the pre-owned two-wheeler segment. In the coming years, DriveX will aim to strengthen its presence across India, followed by other geographies in due course,” he added.
“DriveX has a vision to bring a change in this segment by building trust, assurance, and transparency through end-to-end, high-quality products and customer experience through innovative solutions. We are confident of DriveX ability to deliver on this vision,” TVS Motor Company Managing Director Sudarshan Venu said
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